SINGAPORE – Billionaire tycoon Kwek Leng Beng has decided to withdraw his lawsuit against his son, Sherman Kwek, and other City Developments Limited (CDL) directors, signaling an end to the high-profile family dispute that has gripped Singapore’s business community in recent weeks.
In a statement on March 12, Kwek Leng Beng, who serves as CDL’s executive chairman, announced that legal proceedings against recent board resolutions would be “discontinued.” He confirmed that he would remain in his role, while Sherman Kwek would continue as the group’s chief executive officer.
The CDL board, including newly appointed independent directors Jennifer Duong Young and Su Yen Wong, will remain intact. The senior Kwek emphasized that all parties had agreed to put aside their differences for the company’s benefit.
“Our focus remains on strengthening CDL’s business through good corporate governance, completing major developments, expanding Millennium & Copthorne’s brand portfolio, continuing capital recycling efforts, and maximizing shareholder value,” he stated.
The dispute arose when Kwek Leng Beng initially sought to remove his son as CEO, accusing him and six board members of orchestrating an “attempted coup” to seize control of CDL. Sherman Kwek denied the allegations, instead pointing to his father’s close aide, Dr. Catherine Wu, as the source of tensions.
Wu, a former Taiwanese musician turned Singaporean citizen, was accused of exerting undue influence over the chairman and interfering in board matters beyond her role. Sherman Kwek claimed past efforts to manage the situation had been handled delicately but were ultimately unsuccessful.
In response, Kwek Leng Beng announced Dr. Wu’s resignation on March 4 as an unpaid independent adviser to Millennium & Copthorne Hotels, CDL’s hospitality arm. The elder Kwek stressed the need to restore investor confidence and prevent future breaches of corporate governance under the CEO’s leadership.